Tesla CEO Elon Musk is currently promoting Dogecoin (DOGE) again on Twitter. However, it did not bring the DOGE Price anything.

Who let the Musk out

No one has been able to give the Dogecoin course such leaps as Tesla CEO Elon Musk. The busy entrepreneur once described himself as a” Dogfather ” – and he is now back to deeds. On Twitter, he again expresses praise for DOGE, the number 6 cryptocurrency by market capitalization. But at the same time, he criticizes Bitcoin and Ethereum as slow and expensive.

Musk responds with his tweet to a statement by Dogecoin youtuber Matt Wallace. On Twitter, he is currently recalling a soon-to-be-released Dogecoin update that will “perfectly position the meme cryptocurrency to become one of the most used currencies in the world.” Musk responds-again-with a Bitcoin criticism. This time, however, he also brings Ethereum on board at the same time. He writes:

“BTC & ETH pursue a multi-layer transaction system, but the transaction rate of the base layer is slow and the transaction costs are high.“

The South African native delivers the solution to the speed and cost problem right away: of course meme-currency Dogecoin. Musk wants to improve this and thus make it a world currency. Musk had repeatedly stressed that it was important to reduce transaction fees and improve speed at Dogecoin to make DOGE the “currency of the earth”. Musk:

“It has an advantage to imo that Doge maximizes the transaction rate of the base layer and minimizes transaction costs, with the exchanges de facto acting as the second layer.“

Musk-most hated person in crypto

Noteworthy is: Musk’s tweet doesn’t seem to have any impact on the crypto markets. In the past, such tweets from Musk – one of the richest men in the world with a whopping 57.9 million Twitter followers-have been able to move both Bitcoin and Dogecoin prices sensitively. This time, Musk has also given his all – even suggesting that Dogecoin could be a better means of payment than Bitcoin and Ethereum. But nothing happened.

Either way, public opinion about Musk seems to be changing rapidly. At the beginning of the year, the father of six was still celebrated as a crypto hero-he had just announced Tesla’s $1.5 billion Bitcoin purchase. True, Tesla continues to hold more than $ 1 billion in BTC. According to the opinion research company Awario, Musk is no longer as popular as he was then – partly due to his rigorous Bitcoin environmental criticism.

Because the data of the company show: Tweets that speak positively about Musk have been at a new low since May. At the beginning of the year, the tweets for and against Musk were numerically in balance. But in May, the ratio of positive to negative sentiment fell by about a quarter. Simply put: According to the analysis, public opinion about Musk is as negative as ever – he is even the “most hated person in crypto.”

Will that change again when Elon Musk sends the DOGE-1 satellite into space next year?

Buy DOGE now at Libertex

Last updated on July 10, 2021

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